Gail: Elliott Wave Analysis

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 Gail 60 mins chart


From the above chart, prices are moving in a sideways direction esp in a range of 150-138 levels. Recently prices tested the resistance of the range and it is now all set to test the support of the range.

As per Wave Theory, prices are moving in a corrective pattern, where it completed wave a at 148.5 levels followed by wave b in a irregular flat pattern which is still ongoing. In wave b it has completed wave a and wave b and currently moving down in impulse as wave c of wave b, which can terminate at 140-138 levels.

The summation is Gail is negatively poised an can falter near till 140-138 levels over short term.

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